Excellon Resources Inc. press release

Excellon Drilling Confirms Grade and Width Below the 4090 Level at Mallay Silver Mine

2026-09-21

TSXV - TSX Venture Exchange · Silver · Gold · Lead · Zinc · Copper · Canada · Drill Results

Wide mineralized zones outside the current resource highlight potential resource growth alongside planned mine development.

Toronto, Ontario--(Newsfile Corp. - September 21, 2026) - Excellon Resources Inc. (TSXV: EXN) (OTCQB: EXNRF) (FSE: E4X2) ("Excellon" or the "Company") is pleased to report results from the ongoing drill program at its 100%-owned Mallay Silver-Lead-Zinc Mine ("Mallay") in central Peru. Results from the Isguiz vein confirm grade and width continuity below the 4090 Level, supporting planning for deeper mine development. Drilling has also intersected wide zones of silver-lead-zinc mineralization on both sides of Isguiz, outside the current Mineral Resource Estimate and immediately adjacent to development already planned for the vein. Drill results reported herein cover 15 holes totalling approximately 4,400 metres. The Company has drilled approximately 9,000 metres to-date and has transitioned to drilling high-priority step-out targets for which assays are pending or which will be reported separately.

Highlights:

Isguiz Vein - High-Grade Core, Grade and Width Continuity Below the 4090 Level (see Figures 1, 3, and 4)

Relevance for Near-Term Mine Planning:Results will inform development, mine planning and scheduling below the 4090 Level, where the Company is planning a transition to more productive, mechanized mining. Rehabilitation of the 400 Ramp, the primary access to this area, is underway and the Company expects to incorporate these results into an updated mine plan and schedule targeted for year-end.

MLL26-010: 5.00 m @ 255 g/t Ag, 2.39% Zn and 3.02% Pb (398 g/t AgEq), including 3.40 m @ 290 g/t Ag, 3.43% Zn and 4.33% Pb (495 g/t AgEq)- highest-grade Isguiz intercept returned to-date, confirming strong grade and width continuity in Clavo 6. MLL26-004: 12.55 m @ 96 g/t Ag, 2.18% Zn, 0.65% Pb (178 g/t AgEq), including 4.00 m @ 166 g/t Ag, 1.37% Zn, 1.20% Pb (236 g/t AgEq) - this intercept provides depth continuity below the 4090 Level. MLL26-011:2.3 m @ 248 g/t Ag, 0.86% Zn, 1.74% Pb (314 g/t AgEq)- intersected in the Maria vein, a structure in the footwall of the Isguiz vein, approximately 280 m below the 4090 Level, within a broader 11.1 m interval grading 115 g/t AgEq - the deepest mineralization returned in the program thus far. MLL26-009: 4.00 m @ 138 g/t Ag, 3.80% Zn, 1.04% Pb (279 g/t AgEq)- Isguiz vein intersected approximately 140 m below 4090 Level, flanked by 5.45 m of footwall calc-silicate mineralization (87 g/t AgEq) and 2.75 m of hangingwall mineralization grading 118 g/t Ag, 4.53% Zn, 3.33% Pb (334 g/t AgEq). MLL26-015:4.30 m @ 137 g/t Ag, 5.22% Zn, 1.72% Pb (337 g/t AgEq), within a wider 11.7 m interval grading 166 g/t AgEq. The hole also intersected 0.7 m of the Isguiz vein grading 76 g/t Ag, 7.06% Zn and 4.58% Pb (398 g/t AgEq).

Calc-Silicate System - A Wide Mineralized Zone Flanking Isguiz, and Outside the Current Resource Estimate (see Figures 2 and 5) - Additional Mineralization Around Isguiz and in Other Structures

Relevance for Near-Term Mine Resource Planning:Drilling has identified silver-lead-zinc mineralization flanking both sides of the Isguiz vein, in zones wider than Isguiz vein mineralization. This material sits outside Mallay's current Mineral Resource Estimate and adjacent to development planned over the next three years. The calc-silicate system will be assessed for inclusion in future updates to the Mallay geological and resource models and, where grade and continuity permit, into future mine planning. Calc-silicate zones, by association, are drilled with each hole targeting the Isguiz Vein structure. Leading intercepts from this system, excluding the higher-grade Isguiz core, include:

MLL26-006: 11.4 m @ 69 g/t Ag, 5.43% Zn, 1.32% Pb (267 g/t AgEq)- contiguous to Isguiz Vein - the widest calc-silicate intercept returned to-date. MLL26-005:7.7 m @ 50 g/t Ag, 1.99% Zn, 0.78% Pb (129 g/t AgEq)- including 0.75 m @ 184 g/t Ag, 5.78% Zn, 2.87% Pb (428 g/t AgEq), of calc-silicate mineralization, passing directly into 6.65 m of the Isguiz vein grading 97 g/t Ag, 2.97% Zn, 2.10% Pb (237 g/t AgEq) - over 14 m of continuous mineralization.

The 15 holes reported in this release were drilled from two underground drill chambers on the 4090 level and tested Clavos 3 and 6, the two mineralized shoots that are important for near-term mine planning. The objective is to confirm mineralization grade and width ahead of development, and to test continuity of the vein and contiguous mineralization below the current lowest operating level. A plan view of drill hole locations and section lines is shown in Figures 3 and 5.

Shawn Howarth, President and Chief Executive Officer, commented: "Our priority at Mallay is to establish deeper access where we expect to transition toward more productive, mechanized mining. These results support our planning for deeper development at Mallay by confirming grade and width continuity below the 4090 Level. Just as importantly, we are intersecting additional silver-lead-zinc mineralization outside our current resource and alongside development we already plan to undertake. The opportunity is to expand the resource base around the areas we are already working to access, with further drilling and evaluation determining its potential contribution to future mine plans."

[](https://images.newsfilecorp.com/files/1601/315146_6a5ab15314c1ead0_002full.jpg)

Figure 1: 2026 Drill Program - Longitudinal Projection of the Isguiz Vein Showing 2026 Drill Intercepts (Looking East).

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[](https://images.newsfilecorp.com/files/1601/315146_excfig209202026.jpg)

Figure 2: Calc-Silicate (CCS) Alteration: Surrounding Isguiz Vein Mineralization (Looking East).

To view an enhanced version of this graphic, please visit: https://images.newsfilecorp.com/files/1601/315146_excfig209202026.jpg

[](https://images.newsfilecorp.com/files/1601/315146_6a5ab15314c1ead0_005full.jpg)

Figure 3: Plan view of reported 2026 drill holes and underground workings, showing section lines A-A′ and B-B′.

To view an enhanced version of this graphic, please visit: https://images.newsfilecorp.com/files/1601/315146_6a5ab15314c1ead0_005full.jpg

[](https://images.newsfilecorp.com/files/1601/315146_6a5ab15314c1ead0_006full.jpg)

Figure 4: Section A-A′ showing selected drill intersections and the interpreted Isguiz, Maria and Maricruz vein systems.

To view an enhanced version of this graphic, please visit: https://images.newsfilecorp.com/files/1601/315146_6a5ab15314c1ead0_006full.jpg

[](https://images.newsfilecorp.com/files/1601/315146_6a5ab15314c1ead0_007full.jpg)

Figure 5: Section B-B′ showing Isguiz and adjacent Calc-silicate mineralization in holes MLL26-004, MLL26-005 and MLL26-006.

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Ongoing Exploration - Step-Out Drill Targets Defined, Drilling Underway

Drilling continues across four priority step-out targets over the next six months. The program is designed to move sequentially outward from areas already drilled, into adjacent structures that have not been drill-tested in the current program (see Figure 6). The area now being tested below the Isguiz vein extends approximately 700 metres along strike and 400 metres down-dip and encompasses the down-plunge projections of Clavos 2, 3, 6 and continues southward to Clavo 5. Step-out drilling also includes the Rosa vein system, interpreted as a potential structural equivalent of Isguiz on the western limb of the Mallay anticline.

| Priority | Description | Estimated Drilling | Progress | | Deep Drilling / Downhole EM (DHEM) | Test for conductive mineralized structures approximately 600 metres below the Mallay mine operation, using downhole electromagnetic surveying to guide additional hole placement. | 1,500 metres | Drilling underway. | | Rosa Vein System | A parallel vein system hosted at the same formational contact as Isguiz, located on the western limb of the Mallay anticline. | 2,000 metres | Drilling underway. | | Pierina and Periclinal | Test extensions to historically mined gold and silver vein systems to the East and North of Isguiz. | 2,500 metres | To start on completion of DHEM drilling. | | Isguiz Extensions to the South | Additional clavos (mineralized shoots) along the Isguiz structure, extending Isguiz vein system to the south. | 2,000 metres | On completion of Rosa Vein drilling. |

[](https://images.newsfilecorp.com/files/1601/315146_6a5ab15314c1ead0_008full.jpg)

Figure 6: Mallay priority step-out drill targets and existing underground infrastructure.

To view an enhanced version of this graphic, please visit: https://images.newsfilecorp.com/files/1601/315146_6a5ab15314c1ead0_008full.jpg

2026 Isguiz Drill Results

Table 1: Isguiz Drill Results, MLL26-001 to MLL26-015

| Drill Hole | | From (m) | To (m) | Interval (m) | Lithology | Au (g/t) | Ag (g/t) | Pb (%) | Zn (%) | AgEq (g/t) | | MLL26-001 | | 178.6 | 180.4 | 1.8 | Isguiz | 0.03 | 39 | 1.52 | 2.59 | 154 | | MLL26-002 | | 209.1 | 215.9 | 6.8 | Isguiz | 0.12 | 97 | 1.21 | 2.29 | 195 | | MLL26-002 | incl. | 213.8 | 215.4 | 1.6 | Isguiz | 0.27 | 243 | 2.7 | 2.97 | 396 | | MLL26-003 | | 204 | 214.5 | 10.5 | CCS Footwall | 0.06 | 40 | 0.67 | 1.68 | 107 | | MLL26-003 | | 214.5 | 217.6 | 3.1 | Isguiz | 0.31 | 113 | 2.94 | 4.25 | 311 | | MLL26-003 | | 226.1 | 230 | 3.9 | CCS Hangingwall | 0.69 | 96 | 1.02 | 2.12 | 185 | | MLL26-003 | incl | 228.1 | 229 | 0.9 | CCS Hangingwall | 2.58 | 232 | 1.59 | 3.36 | 372 | | MLL26-004 | | 201.2 | 213.8 | 12.55 | Isguiz | 0.46 | 96 | 0.65 | 2.18 | 178 | | MLL26-004 | incl | 201.2 | 207.3 | 6.1 | Isguiz | 0.26 | 78 | 0.43 | 3.2 | 187 | | MLL26-004 | incl | 207.3 | 211.3 | 4 | Isguiz | 0.97 | 166 | 1.2 | 1.37 | 236 | | MLL26-005 | | 178 | 181.9 | 3.85 | Mineralized structure | 0.11 | 49 | 0.15 | 0.23 | 60 | | MLL26-005 | | 181.9 | 189.6 | 7.7 | CCS Footwall | 0.08 | 50 | 0.78 | 1.99 | 129 | | MLL26-005 | incl | 188.8 | 189.6 | 0.75 | CCS Footwall | 0.11 | 184 | 2.87 | 5.78 | 428 | | MLL26-005 | | 189.6 | 196.2 | 6.65 | Isguiz | 0.25 | 97 | 2.1 | 2.97 | 237 | | MLL26-005 | incl | 191.6 | 195.6 | 4 | Isguiz | 0.39 | 139 | 2.74 | 3.47 | 309 | | MLL26-006 | | 32.2 | 33.5 | 1.3 | Sandstone | 0.11 | 169 | 3.03 | 1.04 | 270 | | MLL26-006 | | 38.4 | 39.3 | 0.85 | Sandstone | 0.16 | 436 | 6.98 | 0.13 | 600 | | MLL26-006 | | 180.8 | 182.7 | 1.9 | Isguiz | 0.04 | 20 | 0.14 | 2.61 | 104 | | MLL26-006 | | 182.7 | 194.1 | 11.4 | CCS Hangingwall | 0.18 | 69 | 1.32 | 5.43 | 267 | | MLL26-007 | | 180.3 | 182.3 | 2.05 | Isguiz | 0.12 | 74 | 0.46 | 0.89 | 112 | | MLL26-007 | | 188.5 | 192.4 | 3.85 | CCS Hangingwall | 0.41 | 84 | 0.64 | 2.83 | 186 | | MLL26-007 | | 192.4 | 204.4 | 12 | CCS Hangingwall | 0.15 | 54 | 0.83 | 2.71 | 157 | | MLL26-007 | incl. | 201.7 | 204.4 | 2.65 | CCS Hangingwall | 0.14 | 83 | 2.35 | 4.48 | 275 | | MLL26-008 | | 163.3 | 165.7 | 2.4 | CCS Footwall | 0.31 | 74 | 0.75 | 1.6 | 140 | | MLL26-008 | | 192.7 | 194.3 | 1.6 | Isguiz | 0.03 | 39 | 0.51 | 1.32 | 91 | | MLL26-009 | | 189.4 | 194.2 | 4.8 | Mineralized structure | 0.25 | 43 | 0.42 | 0.57 | 70 | | MLL26-009 | incl. | 192.5 | 194.2 | 1.7 | Mineralized structure | 0.57 | 75 | 0.87 | 1.19 | 132 | | MLL26-009 | | 274.9 | 280.3 | 5.45 | CCS Footwall | 0.17 | 45 | 0.52 | 0.97 | 87 | | MLL26-009 | | 280.3 | 284.3 | 4 | Isguiz | 0.43 | 138 | 1.04 | 3.8 | 279 | | MLL26-009 | | 284.3 | 287.1 | 2.75 | Limestone | 0.15 | 118 | 3.33 | 4.53 | 334 | | MLL26-010 | | 288.1 | 293.1 | 5 | Isguiz + CCS contacts | 0.44 | 255 | 3.02 | 2.39 | 398 | | MLL26-010 | incl | 288.7 | 292.1 | 3.4 | Isguiz | 0.54 | 290 | 4.33 | 3.43 | 495 | | MLL26-011 | | 100.2 | 104.5 | 4.3 | Sandstone | 0.16 | 47 | 0.99 | 0.47 | 84 | | MLL26-011 | incl | 103.5 | 104.5 | 1 | Sandstone | 0.63 | 92 | 1.91 | 0.05 | 137 | | MLL26-011 | | 219.5 | 220.35 | 0.85 | Maricruz vein | 0.25 | 111 | 2.61 | 2.95 | 262 | | MLL26-011 | | 284.6 | 286.45 | 1.85 | Sandstone | 0.24 | 114 | 1.23 | 0.78 | 166 | | MLL26-011 | incl | 284.6 | 285.6 | 1 | Sandstone | 0.38 | 197 | 2.19 | 1.29 | 287 | | MLL26-011 | | 288.3 | 293.3 | 5 | Sandstone | 0.06 | 95 | 0.22 | 0.08 | 102 | | MLL26-011 | incl | 291.4 | 293.3 | 1.9 | Sandstone | 0.06 | 188 | 0.39 | 0.13 | 201 | | MLL26-011 | | 301.6 | 302.5 | 0.9 | Sandstone | 0.30 | 187 | 1.09 | 0.14 | 216 | | MLL26-011 | | 305.7 | 316.8 | 11.1 | Sandstone + Maria vein | 0.11 | 85 | 0.65 | 0.47 | 115 | | MLL26-011 | incl | 307.65 | 309.95 | 2.3 | Mineralized structure | 0.86 | 248 | 1.74 | 0.86 | 314 | | MLL26-011 | incl | 311.4 | 315.2 | 3.8 | Sandstone | 0.27 | 72 | 0.61 | 0.61 | 105 | | MLL26-011 | | 353.4 | 354.85 | 1.45 | Sandstone | 0.33 | 192 | 1.32 | 0.82 | 248 | | MLL26-013 | | 194.1 | 204.9 | 10.8 | Sandstone + mineralized structure + vein | 0.42 | 77 | 0.67 | 1.43 | 136 | | MLL26-013 | incl | 194.1 | 195.15 | 1.05 | Mineralized structure | 0.40 | 118 | 0.70 | 0.72 | 156 | | MLL26-013 | incl | 196.65 | 200.35 | 3.7 | Mineralized structure | 0.59 | 90 | 0.96 | 3.29 | 213 | | MLL26-013 | incl | 203 | 204.1 | 1.1 | Vein | 1.35 | 244 | 1.90 | 1.44 | 332 | | MLL26-013 | | 285.15 | 286.05 | 0.9 | Sandstone / CCS Footwall | 0.50 | 428 | 2.46 | 3.70 | 598 | | MLL26-012 | | 59.6 | 60.2 | 0.6 | Sandstone | 0.14 | 113 | 0.09 | 0.10 | 118 | | MLL26-014 | | 213.45 | 217.2 | 3.75 | Mineralized structure + CCS Footwall | 0.03 | 67 | 1.19 | 1.76 | 148 | | MLL26-014 | incl | 213.45 | 215.8 | 2.35 | Mineralized structure + CCS Footwall | 0.02 | 99 | 1.73 | 2.56 | 217 | | MLL26-014 | | 235.5 | 242.1 | 6.6 | Mineralized structure + sandstone | 0.05 | 34 | 0.18 | 0.23 | 45 | | MLL26-014 | incl | 236.35 | 237.95 | 1.6 | Mineralized structure | 0.07 | 59 | 0.25 | 0.17 | 70 | | MLL26-014 | incl | 240.5 | 242.1 | 1.6 | Sandstone | 0.05 | 37 | 0.35 | 0.62 | 64 | | MLL26-014 | | 254.95 | 259.7 | 4.75 | Mineralized structure + Isguiz | 0.18 | 69 | 1.09 | 1.51 | 141 | | MLL26-014 | incl | 254.95 | 258.1 | 3.15 | Mineralized structure | 0.11 | 82 | 1.07 | 0.96 | 136 | | MLL26-014 | incl | 258.1 | 259.7 | 1.6 | Isguiz | 0.22 | 45 | 1.13 | 2.58 | 151 | | MLL26-015 | | 182 | 184.7 | 2.7 | Mineralized structure | 0.02 | 28 | 0.81 | 5.08 | 203 | | MLL26-015 | | 211 | 222.7 | 11.7 | Mineralized structure + sandstone | 0.19 | 65 | 0.85 | 2.66 | 166 | | MLL26-015 | incl | 211 | 218.4 | 7.4 | Sandstone | 0.10 | 23 | 0.34 | 1.17 | 66 | | MLL26-015 | incl | 218.4 | 222.7 | 4.3 | Mineralized structure | 0.35 | 137 | 1.72 | 5.22 | 337 | | MLL26-015 | | 241.65 | 243.2 | 1.55 | Mineralized structure | 0.34 | 105 | 0.82 | 0.98 | 154 | | MLL26-015 | | 274.2 | 274.9 | 0.7 | Isguiz | 0.06 | 76 | 4.58 | 7.06 | 398 |

Intervals logged as CCS Footwall and CCS Hangingwall are calc-silicate-hosted mineralization flanking the Isguiz vein, in sandstone and limestone lithologies respectively.

All intervals are reported as drill core lengths. True widths vary as holes are drilled in fans from underground drill chambers but generally approximate 80% of core length. Silver-equivalent (AgEq) is calculated with prices used in the February 2026 Mallay Mineral Resource Estimate (US$30/oz Ag, US$1.00/lb Pb and US$1.35/lb Zn). Gold is not included and metallurgical recoveries are not applied. AgEq is provided for comparative purposes only.

Qualified Person

The technical information herein has been reviewed and approved by William McGuinty (P. Geo.), a Qualified Person as defined by National Instrument 43-101. Mr. McGuinty is a consultant and technical advisor to Excellon.

Sample Management

Core is collected by the drill contractor and placed in plastic core boxes of 1 m length, strapped and delivered from the drill location to the core logging facility. Upon entry, box numbers and metreage blocks are checked for errors. Both core and geotechnical logging are undertaken using industry standard logging software. During logging, and within the range of sampled intervals, pieces of the core are weighed by immersion method to obtain density values and subsequently replaced.

For sampling, the core logger traces a cut line on the core at the top of the bedding ellipsoid, and sample intervals are marked using a sample boundary line and directional arrows. Core intervals are marked in a range between 0.5 m to 1.0 m, respecting important contacts. In the cutting room, each interval of core is cut using a diamond-bladed circular saw along the cut line within the sample interval. The two sides of the cut core are replaced in the box in their original position. The core is returned to the core logger who affixes the sample number at the centre of the appropriate sample interval and removes the 'top' half of the cut core to a sample bag marked with the sample tag number and inserts a second identically numbered sample tag in the bag and also marks the bag. At this time, Quality Control and Quality Assurance samples are entered into the sample stream. A blank, duplicate or mineral standard is inserted into the sample stream at a rate of 1 in every 10 samples to be submitted.

The Mallay analytical lab is currently preparing all Mallay samples for assay. At the lab, incoming samples are recorded, dried and crushed using a jaw crusher. A 250 gram aliquot is split and pulverized to the size standard required by the external analytical lab. Coarse reject samples are marked and stored, and prepared pulps are packaged for shipment using their original sample tags. QA/QC samples requiring crushing and pulverizing are prepared at the Mallay lab.

Samples are sent to, and analyzed, in Lima, Peru by ALS Global using their AA-Au24 and Me-ICP61b methods. Silver results exceeding the upper detection limit of the Me-ICP61b method are re-assayed using the Ag-GRA21 gravimetric method. Assay results are only reported once certified results are received and after internal QA/QC procedures have been reviewed.

Table 2 - Location of Reported Holes

| Drill Hole | Project | Azimuth | Dip | Length | Easting | Northing | Elevation | | | | degrees | degrees | metres | | | | | MLL26-001 | Mallay mine | 102 | -14 | 217 | 296422 | 8817528 | 4096 | | MLL26-002 | Mallay mine | 108 | -30 | 250 | 296422 | 8817528 | 4094 | | MLL26-003 | Mallay mine | 105 | -33 | 260 | 296422 | 8817528 | 4094 | | MLL26-004 | Mallay mine | 92 | -40 | 261 | 296421 | 8817530 | 4094 | | MLL26-005 | Mallay mine | 87 | -31 | 241 | 296420 | 8817530 | 4094 | | MLL26-006 | Mallay mine | 75 | -20 | 223 | 296420 | 8817530 | 4094 | | MLL26-007 | Mallay mine | 57 | -11 | 238 | 296420 | 8817531 | 4095 | | MLL26-008 | Mallay mine | 80 | -14 | 240 | 296420 | 8817530 | 4095 | | MLL26-009 | Mallay mine | 52 | -32 | 400 | 296321 | 8817644 | 4099 | | MLL26-010 | Mallay mine | 52 | -27 | 330 | 296321 | 8817644 | 4099 | | MLL26-011 | Mallay mine | 52 | -70 | 420 | 296321 | 8817644 | 4099 | | MLL26-012 | Mallay mine | 120 | -58 | 434 | 296417 | 8817529 | 4095 | | MLL26-013 | Mallay mine | 51 | -29 | 320 | 296321 | 8817644 | 4099 | | MLL26-014 | Mallay mine | 65 | -23 | 288 | 296321 | 8817644 | 4099 | | MLL26-015 | Mallay mine | 58 | -31 | 300 | 296321 | 8817644 | 4099 |

Drill hole collar position, dip and azimuth are surveyed by Mallay Mine surveyors

Cautionary Note Regarding Mineral Resources and Exploration Results

The Company has not completed a preliminary economic assessment, pre-feasibility study or feasibility study on the Mallay Mine and has not demonstrated the economic viability of a restart of mining operations. The Company's decision to restart and to advance development at Mallay is not based on a technical study of mineral reserves demonstrating economic and technical viability, and as a result there is increased uncertainty and multiple technical and economic risks of failure associated with the restart. References in this news release to mine planning, development and mining methods describe the Company's current plans and expectations and do not constitute a production decision or production guidance.